SAN DIEGO--(BUSINESS WIRE)--Excel Trust, Inc. (NYSE:EXL) announced today financial and operating
results for the quarter and year ended December 31, 2012. A supplemental
financial package with additional information can be found on Excel
Trust's website under the Investor Relations tab.

Highlights for the Year Ended 2012

Reported Adjusted Funds from Operations (AFFO) for the quarter of
$8.5 million, or $0.20 per diluted share and for the year of $28.6
million, or $0.78 per diluted share (5% increase year over year)

Reported Funds from Operations (FFO) for the quarter of $8.6
million or $0.20 per diluted share and for the year of $27.3 million,
or $0.74 per diluted share (21% increase year over year)

“2012 was transformational for Excel Trust in several respects. By
acquiring $440 million in quality properties, our asset base surpassed
$1.1 billion and our portfolio now exceeds 5.5 million square feet,”
commented Gary Sabin, Chairman and CEO. “We lowered our cost of debt by
improving our credit facility and anticipate beginning discussions with
the rating agencies in order to position the Company to access the
unsecured debt markets. These are important milestones for the Company
and we are well on our way to accomplishing the goals we set at the time
of our IPO a little over two and half years ago.”

Excel Trust reported Adjusted Funds From Operations (AFFO) for the
fourth quarter of $8.5 million, or $0.20 per diluted share, and $28.6
million, or $0.78 per diluted share for the year. Excel Trust reported
Funds From Operations (FFO) for the fourth quarter of $8.6 million or
$0.20 per diluted share, and $27.3 million, or $0.74 per diluted share
for the year. Net loss attributable to the common stockholders for the
fourth quarter was $2.2 million or $0.06 per diluted share, and $8.5
million or $0.26 per diluted share for the year.

Included in FFO for the quarter ended December 31, 2012 were transaction
costs of $0.4 million related to acquisitions, or $0.01 per diluted
share, and $1.6 million or $0.04 per diluted share in the twelve months
ended December 31, 2012. Also, included in FFO was non-cash compensation
expense of approximately $0.8 million, or $0.02 per diluted share in the
quarter ended December 31, 2012 and $3.2 million or $0.09 per diluted
share in the twelve months ended December 31, 2012, resulting from the
Company’s incentive stock award plan. Finally, FFO was impacted by a
non-cash gain related to changes in the fair value of financial
instruments and the redemption of certain OP units of approximately $0.4
million, or $0.01 per diluted share. For the twelve months ended
December 31, 2012, this gain was $1.5 million, or approximately $0.04
per diluted share.

Excel Trust considers AFFO and FFO important supplemental measures of
its operating performance and believes that they are frequently used by
securities analysts, investors and other interested parties in the
evaluation of real estate investment trusts (REITs), many of which
present AFFO and FFO when reporting their results. A complete
reconciliation containing adjustments from GAAP net income available to
common shareholders to AFFO and FFO and a definition of both are
included at the end of this release.

Summary of Significant Activities During Fourth Quarter 2012

On October 1, 2012, Excel Trust acquired the Pavilion Crossing, a newly
constructed 68,400 square foot retail shopping center located in
Brandon, Florida, for approximately $13.1 million. The property is
approximately 97% leased and is anchored by a Publix grocery store.

On October 19, 2012, Excel Trust acquired a portfolio of six shopping
centers in Florida and Virginia for approximately $262.8 million as
outlined below.

Florida Properties – Orlando, FL:Five of the shopping centers
are in the Orlando, Florida area (four centers are wholly owned and a
50% interest was acquired in a fifth center) which together comprise
319,264 square feet. Major tenants include Walgreens, CVS Pharmacy,
Fifth Third Bank, Regions Bank, Fleming’s and Ruth’s Chris Steak House.
The shopping centers are approximately 95% leased and the weighted
average household income in a three mile radius is estimated to be
$127,286 (Source: AGS 2012).

West Broad Village – Richmond, Virginia: The sixth center is in
Richmond, Virginia and comprises 386,047 square feet of retail and
commercial space, with an additional 339 apartment units above the
center. The retail portion is approximately 76% leased with another
35,000 square feet entitled but not constructed. Major tenants include
Whole Foods, HomeGoods, REI, Wells Fargo, South University and Dave &
Busters. In a three mile radius the average household income is
estimated to be $106,356 (Source: AGS 2012).

On October 30, 2012, Excel Trust completed the issuance of a public
offering of 9,775,000 shares of its common stock, including the exercise
of an overallotment option of 1,275,000 shares, at a public offering
price of $12.00 per share, resulting in net proceeds of approximately
$113.1 million after deducting the underwriters’ discount and estimated
commissions and offering expenses.

Events Subsequent to Fourth Quarter 2012

On January 24, 2013, Excel Trust acquired Tracy Pavilion, a 374,766
square foot shopping center in Tracy, California, for approximately $32
million. The Company owns 162,353 square feet as Home Depot and WinCo
are both tenant owned. Other major tenants include, Marshalls, Ross,
PetSmart, Staples and Ulta. In a five mile radius average household
income is estimated to be $95,558 (Source: AGS 2013).

First Quarter 2013 Dividend Declared

The Board of Directors declared a first quarter 2013 cash dividend of
$0.17 per share compared to a cash dividend of $0.1625 per share for the
previous quarter, to be paid on April 15, 2013 to shareholders of record
as of March 29, 2013.

The Board of Directors has also declared a dividend of $0.4375 per share
on the Company's Series A Cumulative Convertible Perpetual Preferred
Shares, and a dividend of $0.5078 on its Series B Cumulative Redeemable
Preferred Shares. The dividend on Excel Trust’s outstanding Series A and
Series B Preferred Shares will be payable on April 15, 2013 to the
Series A and Series B Preferred shareholders of record as of March 29,
2013.

Guidance

Excel Trust expects its AFFO per share for fiscal year 2013 to be
between $0.80 and $0.88 and its FFO per share to be between $0.76 and
$0.84. The above excludes transaction costs, leasing commissions and
tenant improvement allowances. Excel Trust believes that AFFO is the
most helpful indicator of the Company's ability to pay recurring
dividends since it adjusts for certain non-cash and non-recurring items.

The foregoing estimates are forward-looking and reflect management's
view of current and future market conditions, including certain
assumptions with respect to leasing activity, rental rates, occupancy
levels, interest rates, and the amount and timing of acquisitions and
development activities. Excel Trust's actual results may differ
materially from these estimates.

Conference Call

In conjunction with Excel Trust's results, you are invited to listen to
its conference call on Thursday, February 28, 2013 at 1:00 p.m. Eastern
Time.

Internet: A live webcast of the conference call will be available
through Excel Trust's web site at www.exceltrust.com.
The conference call will be recorded and available for replay for seven
days beginning at 4:00 p.m. ET on February 28, 2013. Replay access
information is as follows:

Excel Trust, Inc. is a retail focused REIT that primarily targets
community and power centers, grocery anchored neighborhood centers and
freestanding retail properties. The Company has elected to be treated as
a REIT, for U.S. federal income tax purposes. Excel Trust trades
publicly on the NYSE under the symbol "EXL". For more information on
Excel Trust, Inc., please visit www.exceltrust.com.

Forward Looking Statements

This press release may contain statements that are forward-looking, as
that term is defined by the Private Securities Litigation Reform Act of
1995 or by the Securities and Exchange Commission in its rules,
regulations and releases. These statements include, but are not limited
to, discussions related to the Company's expectations regarding the
performance of its business, its liquidity and capital resources and
other non-historical statements. These forward-looking statements are
based on management's beliefs, as well as assumptions made by, and
information currently available to, management. When used in this
release, the words "believe," "anticipate," "estimate," "expect,"
"intend" and similar expressions are intended to identify
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will prove
to have been correct.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

Excel Trust considers FFO and AFFO to be important supplemental measures
of its operating performance and believes they are frequently used by
securities analysts, investors and other interested parties in the
evaluation of REITs, many of which present FFO and AFFO when reporting
their results. FFO and AFFO are intended to exclude GAAP historical cost
depreciation and amortization of real estate and related assets, which
assumes that the value of real estate assets diminishes ratably over
time. Historically, however, real estate values have risen or fallen
with market conditions. Because FFO and AFFO exclude depreciation and
amortization unique to real estate, gains and losses from property
dispositions and extraordinary items, they provide a performance measure
that, when compared year-over-year, reflects the impact to operations
from trends in occupancy rates, rental rates, operating costs,
development activities and interest costs, providing perspective not
immediately apparent from net income.

Excel Trust computes FFO in accordance with standards established by the
National Association of Real Estate Investment Trusts, or NAREIT. As
defined by NAREIT, FFO represents net income (loss) (computed in
accordance with generally accepted accounting principles, or GAAP),
excluding real estate-related depreciation and amortization, impairment
charges and net gains (losses) on the disposition of assets.

Excel Trust computes AFFO by adding to FFO the non-cash compensation
expense, amortization of prepaid financing costs and non-recurring
transaction costs, and other one-time items, then subtracting or adding
straight-line rents, amortization of above and below market leases and
non-incremental capital expenditures. Excel Trust's computation of FFO
and AFFO may differ from the methodology for calculating FFO and AFFO
utilized by other equity REITs and, accordingly, may not be comparable
to such other REITs. Further, FFO and AFFO do not represent amounts
available for management's discretionary use because of needed capital
replacement or expansion, debt service obligations, or other commitments
and uncertainties.

FFO and AFFO should not be considered alternatives to net income (loss)
(computed in accordance with GAAP) as an indicator of Excel Trust's
financial performance or to cash flow from operating activities
(computed in accordance with GAAP) as an indicator of Excel Trust's
liquidity, nor are they indicative of funds available to fund Excel
Trust's cash needs, including Excel Trust's ability to pay dividends or
make distributions.

Summarized Financial Statements

Reported results are preliminary and not final until the filing of Excel
Trust's Form 10-K for the period ended December 31, 2012 with the
Securities and Exchange Commission and, therefore, remain subject to
adjustment. The accompanying notes to follow in the Form 10-K are an
integral part of these consolidated and combined financial statements.

EXCEL TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

December 31, 2012

December 31, 2011

ASSETS:

Property:

Land

$

320,289

$

236,941

Buildings

564,352

287,226

Site improvements

51,875

28,257

Tenant improvements

42,903

28,517

Construction in progress

1,709

21,312

Less accumulated depreciation

(36,765

)

(18,294

)

Property, net

944,363

583,959

Cash and cash equivalents

5,596

5,292

Restricted cash

5,657

3,680

Tenant receivables, net

5,376

4,174

Lease intangibles, net

85,646

68,556

Mortgage loan receivable

-

2,000

Deferred rent receivable

5,983

2,997

Other assets

17,618

17,013

Investment in unconsolidated entities

9,015

-

Total assets

$

1,079,254

$

687,671

LIABILITIES AND EQUITY:

Liabilities:

Mortgages payable, net

$

333,935

$

244,961

Notes payable

75,000

21,000

Accounts payable and other liabilities

25,319

21,080

Lease intangibles, net

26,455

13,843

Dividends/distributions payable

9,773

5,801

Total liabilities

470,482

306,685

Equity:

Stockholders’ equity

Preferred stock

136,423

47,703

Common stock

448

302

Additional paid-in capital

459,151

319,875

Cumulative deficit

(1,414

)

(3,277

)

594,608

364,603

Accumulated other comprehensive loss

(572

)

(811

)

Total stockholders’ equity

594,036

363,792

Non-controlling interests

14,736

17,194

Total equity

608,772

380,986

Total liabilities and equity

$

1,079,254

$

687,671

The notes in the Form 10-Q or 10-K are an integral part of these
condensed consolidated financial statements.

EXCEL TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data and dividends per share)

Three Months EndedDecember 31, 2012

Three Months EndedDecember 31, 2011

Year EndedDecember 31, 2012

Year EndedDecember 31, 2011

Revenues:

Rental revenue

$

20,971

$

12,783

$

71,522

$

44,265

Tenant recoveries

3,654

3,480

14,190

10,300

Other income

457

313

1,432

662

Total revenues

25,082

16,576

87,144

55,227

Expenses:

Maintenance and repairs

1,578

1,441

5,688

3,792

Real estate taxes

2,817

2,136

9,921

6,373

Management fees

329

172

914

576

Other operating expenses

1,313

762

4,085

3,106

Changes in fair value of contingent consideration

(160

)

(106

)

(281

)

(434

)

General and administrative

3,642

3,846

13,778

12,773

Depreciation and amortization

10,588

6,354

36,021

23,290

Total expenses

20,107

14,605

70,126

49,476

Net operating income

4,975

1,971

17,018

5,751

Interest expense

(4,727

)

(3,552

)

(16,556

)

(13,181

)

Interest income

48

70

173

297

Loss from equity in unconsolidated entities

(162

)

-

(320

)

-

Gain on acquisition of real estate and sale of land parcel

-

542

-

1,479

Changes in fair value of financial instruments and gain on OP unit
redemption

418

1,238

1,530

1,154

Net income (loss) from continuing operations

552

269

1,845

(4,500

)

Income from discontinued operations before gain on sale of real
estate

assets

-

-

-

1,023

Gain on sale of real estate assets

-

-

-

3,976

Income from discontinued operations

-

-

-

4,999

Net income (loss)

552

269

1,845

499

Net (income) loss attributable to non-controlling interests

4

9

18

(51

)

Net income (loss) attributable to Excel Trust, Inc.

556

278

1,863

448

Preferred stock dividends

(2,744

)

(875

)

(10,353

)

(3,228

)

Net loss attributable to the common stockholders

$

(2,188

)

$

(597

)

$

(8,490

)

$

(2,780

)

Basic and diluted net loss per share

$

(0.06

)

$

(0.03

)

$

(0.26

)

$

(0.15

)

Weighted-average common shares outstanding - basic and diluted

40,830

29,272

34,681

22,465

Dividends declared per common share

$

0.1625

$

0.160

$

0.650

$

0.605

The notes in the Form 10-Q or 10-K are an integral part of these
condensed consolidated financial statements.

Reconciliation of Net Income to FFO and AFFO

For the Periods Ended December 31, 2012

(In thousands, except per share data)

Excel Trust, Inc.'s FFO and AFFO available to common stockholders
and operating partnership unitholders and a reconciliation to net
income(loss) for the three months and year-ended December 31, 2012
is as follows: